It took a couple of years, but Cushman & Wakefield has finalized the sale of a portfolio of 10 senior care facilities in Miami-Dade County, Florida, on behalf of the seller, A.D.M.E. investment partners. Totaling 1,289 beds and over 370,800 square feet, the properties consisted of a mix of assisted living and skilled nursing facilities.
The AL communities ranged in size from 12 units and 50 beds to 65 units and 118 beds, and sold between $38,200 per unit and $90,500 per unit. The SNFs ranged in size from 120 beds to 203 beds, and sold between $25,000 per bed to $119,900 per bed, with one deal also involving the termination of a ground lease on the property for $5.8 million.
The last facility to sell was also the largest and consisted of 557 units and 329 beds of assisted living and skilled nursing. It sold for $26.4 million, or about $80,400 per bed. The portfolio was on the older side and was considered to be a value-add investment.
Robert Kaplan and Mark Rutherford of Cushman & Wakefield’s Equity, Debt & Structured Finance Team represented the seller in the deal. Also, in each of the transactions, Bruce Gibson of Senior Capital Advisors, Inc. was the co-broker except for one transaction that was co-brokered by C&W’s Calum Weaver. In total, the transactions added up to an $88.6 million purchase price, or near $85,000 per bed/unit.